Personal Care Products Market Scope
Personal care product (PCP)) refers to those items which support personal hygiene and toileting. PCPs include products ranges from cleansing, saving, hair styling, moisturizing, cosmetics and others. Humans, ever obsessed with beauty, have also realized the importance of hygiene thus, adopting such products at mass scale and creating a huge opportunity for manufacturers to grow rapidly. Amid availability of key players, the bargaining power of consumer which is an all-time high puts the on manufacturers to innovate through their products to stay competitive in the cut-throat market.
According to AMA, the Global Personal Care Products market is expected to see growth rate of 4.78% and may see market size of USD643.54 Billion by 2026.
The Vendors having a strong hold in the market are Proctor & Gamble Company, Helen of Troy Ltd., Godrej , Johnson & Johnson, Unilever, Colgate-Palmolive Company. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Personal Care Products market throughout the predicted period.
Johnson & Johnson (United States), Procter and Gamble Co.(United States), The Estee Lauder Companies, Inc. (United States), Incorporated (United States), Colgate-Palmolive Company (United States), Helen of Troy Ltd. (United States), Unilever (U.K.), L’Oreal S.A. (France), Kao Corporation (Japan), Beiersdorf Akteingesellschaft (AG) (Germany), Shiseido Company Limited (Japan) and Avon Products (U.K.) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Personal Care Products market by Type (Hair care, Shaving, Oral care, Personal cleanliness, Skin Care and Others) and Region with country level break-up.
On the basis of geography, the market of Personal Care Products has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
In July 2016, L'Oréal signed an agreement to acquire IT Cosmetics, one of the fastest growing prestige beauty brands in the United States for a cash purchase price of 1.2 billion US dollars. IT Cosmetics offered a wide range of high-performance beauty products focusing on color cosmetics, skincare, brushes and tools.
The difference between cosmetic (Used for personal care) and a drug is important from a regulatory and safety standpoint. Cosmetic products must not contain active pharmaceutical ingredients (APIs). Otherwise, they should be classified as a drug according to the European Commission’s No. 1223/2009 and the U.S. FDA’s regulations on Cosmetics. Some creams sold over-the-counter (OTC) or online may contain potentially harmful active ingredients that can lead to health concerns if not prescribed under a physician’s care. Cosmetics and personal care (CPC) companies, as well as regulators, regularly use chromatography to test skin care product ingredients, from raw material testing, formulation, and quality control to safety and regulatory testing, identification of counterfeit products, and verification of label claims.
Market Trend
- Rising Demand for Natural and Organic Personal Care Products
- Increasing Demand for anti-ageing products
Market Drivers
- Consumer Awareness about Health and Hygiene Coupled With Celebrity Endorsement Garnered Huge Appeal
- Expansion of Distribution Channels and Rising Influence Of E-Commerce Sale Of Personal Care Products
Opportunities
- Rising Adoption of These Products among Millennial and Gen-Z Demography Fueled By Growing Disposable Income
- Products Innovation and Sustainable Packaging
Restraints
- High Cost of Personal Care Products Limits its Mass Adoption
- Stringent Regulatory Guidelines Regarding manufacturing and Sales of These Products
Challenges
- Maintaining Brand Loyalty for Companies
- Dominance of Local Players
- Growing Counterfeit Products Market